I need a car to get to work, but I don't want to pay a ton of money. I found a decent deal on a 2006 Toyota Corolla, but I'm not sure if it's the best move. Should I buy a car this old?
Reviewed by Shannon Martin, Licensed Insurance Agent.
It sounds like you may have found a good deal on a car, but there are some things you’ll want to check before you purchase a 15-year-old vehicle.
There’s no cut-and-dry answer to whether you should purchase a car that is 15-years-old, but here are some things you’ll want to consider:
Mileage
How the previous owner treated the vehicle
Maintenance records
If the vehicle was in an accident.
The good news is that a Corolla is a relatively reliable vehicle and has been for decades, so chances are it’s going to be in decent condition if the car has been maintained properly.
Keep in mind, however, you may have to pay cash for this car as many lenders won’t let you borrow money on a car of that age.
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